My partner and I are getting closer to an exchange on a house in Epsom and Ewell and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is legally required to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Epsom and Ewell?
Where you are retaining lawyers for conveyancing in Epsom and Ewell your lawyer will request that you put them with monies to cover the search fees. Normally this is needed to cover the fees of the conveyancing searches. When the deposit is as part of the total price then this will be asked for immediately prior to contracts are exchanged. The closing balance that is due should be transferred a few days prior to the completion date.
The Epsom and Ewell conveyancing solicitors that I recently instructed on my purchase in Epsom and Ewell have without warning closed. They were on acting for me because I needed a solicitor on the Yorkshire BS conveyancing panel and my previous Epsom and Ewell lawyer was not. I paid them money in advance. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I am looking for a flat up to £245,000 and found one near me in Epsom and Ewell I like with open areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Epsom and Ewell suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am on look out for some leasehold conveyancing in Epsom and Ewell. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Epsom and Ewell - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My wife and I have hit a brick wall in negotiating a lease extension in Epsom and Ewell. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the amount due.
An example of a Lease Extension matter before the tribunal for a Epsom and Ewell residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The number of years remaining on the existing lease(s) was 60.43 years.
Two months into buying a property in Epsom and Ewell. Conveyancing lawyer has told us the title is "Leasehold". Should this impact the salability of the property?
Epsom and Ewell conveyancing does not normally involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the marketability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a significant impact on the value, and probably wouldn't be acceptable to the lender. The length of lease and ground rent will be specified in the lease to be supplied to your conveyancing practitioner.